Well stated. I have called for a PE of 10 for a long time. The current expectations hold as long as oil is above 40$/brl. Now that its over 80$ with tight supplies listed as the culprit, isn't it time to start predicting higher day-rates for the world's fleet. OK, those that are based on NG in GOM may continue to be weak but longer term the disconnect between NG and Oil can not be sustained. So this is not like housing a couple of years ago. Demand for oil rigs is not going to drop out of the sky, like housing. We do not have oil rig speculators over building like there were in housing. Rig have lifetime and therefore have to be replaced unlike housing. Can anyone explain why ESV is under 70 right now? Is long term demand under a threat that we can't see?